25 June 2016 Market Review
Brexit wrecked havoc on the markets last week, to no one’s surprise. Since it wasn’t expected to actually happen, the markets hadn’t priced the effect of the outcome, so they adjusted accordingly. Since it is almost the end of June, we will be summarizing the month as well as the 2nd quarter.
The FTSE closed the week at 6138.7 to be down 1.9% on the week, down 1.1% for June and slightly down 0.12% over Q2. The Dax was down 0.77% for the week by closing at 9557.2, was down 5.4% for June and for the quarter was down 2.4%. The CAC closed the week at 4106.7 to be down 2.1%, , fell in June 7.1% and in the quarter was down 5%.
The Down closed the week at 17400 to be down 1.6%, fell 2.3% for June and for the quarter was down 2.2%. The Nasdaq Composite Index ended the week at 4708 to be down 1.9%, lost 4.7% for the month of June and for the quarter was down 2.2%.
The Nikkei 225 closed for the week at 14952 to fall 4.2%, sank 10% in the month of June and fell 7.5% for the quarter.
Besides the Nikkei, the drops in the market were at a manageable rate. The Nikkei was hammered due to the Yen being in the position as the currency most look as safe.
The Yen had the best trading week among all the major currencies. The Dollar gained against the Sterling 4.2% with a close of $1.3683 for the week, was up 5.8% for June and up 3.7% for the quarter. The Dollar was also stronger against the Euro with a close of $1.1118 to be up 1.2%, gained 1.9% for the month of June and for the quarter was up 2.3%. The Dollar lost ground against the Yen by closing at 102.2 to be down 1.9% for the week, for June was down 4.4% and for the quarter was down 8.8%.
The Euro closed the week down versus the Yen 3.1% with a close of 113.6, lost 6.2% for the month of June and for the quarter was down 11%. The Euro gained against the Sterling with a close of 1.2307 to gain 3%, was up 4% for the month of June and for the quarter was up 1.4%. The Euro lost against the CHF with a close of 1.0829 to be down 2.3% for the week as well as the month of June, but was slightly down 0.78 for the quarter.
Brent crude closed the week at $48.41 per barrel to fall 1.6% for the week, for the month of June was down 2.5% but for the quarter was up 25%. Gold gained for the week 1.3% with a close of $1316.4 per ounce, up for the month of June 5.8% and for the quarter up 7.7%.